From the Guardian:
Australia has finished negotiations for a free trade agreement with South Korea, paving the way to reduce and scrap tariffs on key exports, the prime minister says.
The proposed deal includes a controversial investor-state dispute settlement mechanism – but the government says it has secured safeguards to ensure Australia’s public welfare, health and environmental laws are not undermined.
Labor and the Greens have already flagged their concern over this aspect of the agreement, urging the government to release the full wording as soon as possible.
Critics had been worried about the inclusion of an investor-state dispute settlement mechanism, allowing overseas businesses to take action against Australia for apparent breaches.
The government says the agreement does include such a mechanism, but has “ensured the inclusion of appropriate carve-outs and safeguards in important areas such as public welfare, health and the environment”.
“This will provide new protections for Australian investors in Korea as well as Korean investors in Australia, promoting investor confidence and certainty in both countries,” it says.
The fact sheet is here: http://www.dfat.gov.au/fta/akfta/fact-sheet-key-outcomes.html Hard to know what to make of the "carve-outs" until we see the actual text.